Specialty Program Group (SPG), a holding company set up to acquire and scale insurance underwriting facilities and specialty businesses across North America, has purchased Catapult Insurance Solutions’ assets.
Financial terms of the transaction were not disclosed.
The acquired entity is a privately held managing general insurance agency and wholesale brokerage for niche sectors and difficult-to-place risks.
Catapult’s delegated authority programme, which is headed by its president Tim Sunderman, serves commercial general contractors, residential homebuilders, and trade contractors with various products.
These products include builder’s risk, workers’ compensation, umbrella, contractor’s equipment, and general liability offerings.
SPG president and CEO Christopher Treanor said: “Tim and his team have implemented a targeted growth strategy and innovative technology platform that have enabled them to become an extremely successful and growing niche player.
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“Their deep expertise in the construction space will expand SPG’s offerings and accelerate our growth in this growing industry.”
A Lloyd Coverholder, the company offers solutions for hard-to-place risks for coastal as well as other high hazard property, specialty trade contractor GL, contractor’s equipment, deductible buy downs, and commercial DIC (EQ & Flood).
Its infrastructure is said to support programme development and incubation.
Tim Sunderman said: “The resources and market presence SPG offers will allow us to build upon our capabilities in the niche segments we represent, expand our geographical footprint and ultimately benefit our current and future distribution partners through enhanced products and service.”
In July this year, SPG took over Massachusetts-based ESP Insurance Brokerage.